Existing Investors Catalyze ARMO Bio's $30M Series B

June 02, 2014

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ARMO BioSciences, which focuses on developing immunotherapies for cancer, fibrosis and inflammatory diseases, has announced it has raised $30 million in Series B funding led by NanoDimension, and receiving participation from existing investors Kleiner Perkins Caufield & Byers, OrbiMed and DAG Ventures. The clinical-stage biotech company intends to use the capital to complete several expansion cohorts of its Phase 1 study of AM0010, a drug tasked with eliminating large tumors and reducing metastatic disease. ARMO's $20 million Series A round from late 2013 was led by KPCB.